Unconstitutionality of Article 115 of the Credit Institutions Law On October 4, 2017 the Federal Supreme Court of Justice, ruled on the Amparo action number 1214/2016, declaring the unconstitutionality of Article 115 of the Credit Institutions Law, which authorizes the Ministry of Finance to block bank accounts of taxpayers for alleged money laundering and terrorist […]

The Mexican Financial Intelligence Unit (“UIF” for its acronym in Spanish), of the Treasury Ministry issued an interpretation regarding Outsourcing matter. The UIF considered this kind of activity, outsourcing, as a Vulnerable Activity under the Federal Act to Prevent and Identify Illegally-Funded Transactions, and therefore, subject of identification and reporting obligations. To the query formulated […]

Recently, the Mexican Financial Intelligence Unit (“UIF” for its acronym in Spanish), of the Treasury Ministry issued an interpretation regarding Outsourcing services. The UIF considered Outsourcing Services as a Vulnerable Activity under the Federal Act to Prevent and Identify Illegally-Funded Transactions (“Act”) According to the referred interpretation, the render of independent professional services, on behalf […]